Sanofi has signed an agreement to buy US-based biopharmaceutical firm Provention Bio in a deal valued at nearly $2.9bn.
Under the deal, the company will start a cash tender offer to buy Provention Bio’s all outstanding shares for $25.00 per share in cash.
With the acquisition, Sanofi will add a fully owned, first-in-class, disease-modifying treatment for the delay of Stage 3 type 1 diabetes (T1D), Tzield, to its core asset portfolio in General Medicines.
This further drives the company’s strategic shift toward products with a differentiated profile.
The CD3-directed antibody Tzield received approval last year in the US as the first and only therapy developed for delaying the onset of Stage 3 T1D in adults and paediatric patients aged eight years and above with Stage 2 T1D.
Currently, it is in late-stage clinical development to treat newly diagnosed clinical T1D (Stage 3) in paediatric and adolescent patients.
Sanofi stated that the acquisition builds on an existing co-promotion deal signed with Provention Bio to provide Tzield to patients who are in need.
Sanofi General Medicines executive vice-president Olivier Charmeil said: “The acquisition of Provention Bio builds on Sanofi’s mission to deliver best- and first-in-class medicines and resonates with our purpose of chasing the miracles of science for the benefit of people.
“By coupling Provention Bio’s transformative innovation with Sanofi’s expertise, we aim to bring life-changing benefits to people at risk of developing Stage 3 type 1 diabetes.
“Any additional indications, approvals and pipeline assets only serve to further our excitement. Given our existing partnership and complementary work in the diabetes and immunology spaces, we foresee a seamless integration and execution.”
The transaction, which is subject to the satisfaction or waiver of customary closing conditions, is anticipated to be completed in the second quarter of this year.
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